Audit Quality Thematic Review

Considers the auditors’ work on the Other Information in the Annual Report.

This thematic review considers the auditors’ work on the Other Information in the Annual Report.

The Other Information is all financial and non-financial information included in an entity’s Annual Report other than the financial statements and the audited parts of the Directors’ Remuneration Report (“DRR”). It includes items of significant importance to investors such as the Strategic Report and Directors’ Report.

Our review focussed on those aspects of the Other Information where the auditor has specific reporting responsibilities. This is the first time that the FRC has undertaken a detailed review of auditors’ work in this area.

The Directors have ultimate responsibility for the Other Information, the extent of which has increased significantly over the years, and in most instances is more extensive than the financial statements themselves. There is heightened interest in the Other Information as users of the Annual Report increasingly focus on it to assist their investment decisions because it includes information that is helpful in assessing a company’s future prospects.

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